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A BILL TO BE ENTITLED
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AN ACT
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relating to financial accounting and reporting requirements for |
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this state and political subdivisions of this state. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 2266, Government Code, is repealed. |
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SECTION 2. Section 112.002, Local Government Code, is |
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amended by adding Subsection (c) to read as follows: |
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(c) A regulation adopted under this section may not be |
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inconsistent with generally accepted accounting principles as |
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established by the Governmental Accounting Standards Board. |
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SECTION 3. The changes in law made by this Act apply to |
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financial accounting and reporting by a governmental entity that, |
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immediately before the effective date of this Act, was subject to |
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Chapter 2266, Government Code, as repealed by this Act, beginning |
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with the governmental entity's first fiscal year that begins on or |
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after September 1, 2018. |
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SECTION 4. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2017. |